The gold bulls are in defense and the goal is to return to the rising channel of the 1314 level.

1comment 2019-02-08 09:53:12 source:FX168 Financial News Agency 100 goodwill mines

  FX168Financial News (Hong Kong) News FXSTREET said in a report released on Thursday (February 7),goldIt has been on the defensive, but has remained steady above the key level of 1300 so far. However, the latest developments in Sino-US trade have made safe-haven assets sought after, and the bullish target is to return to the rising channel and the 23.6% Fibonacci retracement of the upside target.

Because the market is optimistic about Sino-US trade, HuangGold priceFrom the recent high 1326.30Dollar/ ounces fall back.

In an interview with the Fox Business Network, White House consultant Larry Kudlow said that there is still a "significant distance" between China and the United States in long-term trade negotiations. CNBC quoted sources as saying that the talks between Trump and Chinese President Xi Jinping were extremely unlikely before March 1, the deadline for tax increases on Chinese goods. Kudlow explained that the previous negotiations covered the “great foundation” but stated that implementation was very important, as well as technical and structural issues. This is not news for investors. It is expected that there will be a rough road in the future, but this news still hits the fragile risk in the market. The Wall Street stock market suddenly turned into the Red Sea, the volatility VIX soared and the gold once rose by 4.5 USD. .

The report said that gold is on the defensive, but has been holding steady above 1300 so far. However, recent sentiment has pushed the safe-haven rise, and gold is favored. Otherwise, once it falls below the 1300 mark, if the high of 1297 falls on January 9th, the test of the 23.7% Fibonacci retracement will be effective. A break below the 1276 low will confirm the change in the trend, and the downside target will fall to a circular area of ​​1250 and a Fibonacci 161.8% position of 1245. From the bulls' point of view, the bulls need to return to the uptrend channel, with the Fibonacci retracement between the support at 1276 on January 23 and the recent high of 1326 at around 23.6%, around 1314. This will open the 1320 pass and lead to target 1323.

Keyword reading:Fibonacci Gold bulls Long target FXSTREET VIX

Editor in charge: Lu Shan RF10057
Come and share:
comment Already0Comment
More>> The following is your recent visit share